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Florida FHA loans have been helping people become homeowners since 1934. FHA Loans are backed by the Federal Housing Administration . FHA insures the loan so your mortgage lender can offer a lower down-payment and better loan rates for borrowers with lower credit scores.
Florida FHA Mortgages are only available for a borrower’s Primary Residence ( No Second Home or Investment Properties)
The FHA Home Loan requires a minimum down payment for a purchase. The loan to values ( LTVs) are higher than Conventional ( Fannie Mae ) loans.
The underwriting process for A Florida FHA loan is easier than a conventional loan. Although theLoan has mortgage insurance premium ( MIP ) the loan is not re-underwritten by the company providing the mortgage insurance. The F.H.A loan requires on one FHA underwriter approval.
Florida FHA Loans have no prepayment penalty. The homeowner can pay the mortgage down partially or in full at any time without penalty.
Low Credit Scores- Borrowers with credit scores as low as 580 can qualify for an FHA loan and borrowers with credit scores under 680 often will receive better interest rates through an FHA mortgage than a conventional / Fannie Mae mortgage.
The FHA lending program is available for condomiums, but it must be an FHA approved condo list.
FHA Up-Front Mortgage Insurance Premium MIP : This is equal to a percentage of the Loan Amount. The MIP is financed into the loan amount though so it doesn’t come out of the borrower’s pocket at closing.
The monthly mortgage insurance on an FHA Loan Lender in Florida can be more expensive than it is on a conventional mortgage with MI.
The Florida FHA County Loan Limit is often lower than it is on a conventional mortgage- meaning borrowers often can borrower less money than they would be able to on a conventional loan.
A Florida 203k Streamline loan is an FHA Mortgage Product for properties that need repairs such as bankowned homes, REO s and Foreclosures.
In an FHA 203k Rehab Loan in Florida the cost of the renovations are added to the base loan amount and financed in 1 loan.
The process for an FHA 203k Florida Loan takes longer than a traditional loan due the additional documentation requirements .Prior to the initialization of the traditional 203(k) FHA Loan process, the following is required:
An FHA Approved FL General Contractor who determines the cost for completion of the repairs/renovations and provides a written estimate, client references, liability insurance and State licenses.
Contact one of our FHA Mortgage Brokers in Florida today for more information.
Broward County Mortgage VA Jumbo Loan Limit = $ 356,500.
Collier County Mortgage VA Jumbo Loan Limit = $ 448,500.
Manatee County Mortgage VA Jumbo Loan Limit = $ 285,200.
Miami-Dade County Mortgage VA Jumbo Loan Limit = $ 356,500.
Monroe County Mortgage VA Jumbo Loan Limit = $ 529,000.
Palm Beach County Mortgage VA Jumbo Loan Limit = $ 345,000.
Sarasota County Mortgage VA Jumbo Loan Limit = $ 285,200.
A Florida FHA Streamline Refinance Loan is a refinancing option available for borrowers that currently have an FHA Home Mortgage and are interested in refinancing to a new FHA Home Loan. It is called a FHA Streamline because it allows you to lower your interest rate with reduced documentation and sometimes without an appraisal. Borrowers who have mortgages insured by the Federal Housing Administration (FHA) have options when it comes to refinancing. If you want to restructure your FHA home loan without all the hassles and high costs associated with a conventional refnance, you should consider an FHA streamline refinance.
FHA streamline rates are often some of the most affordable on the market, competitive to most conventional loans. FHA streamline refinances usually have fewer steps and requirements than a conventional refinance possibly even avoiding appraisals, meaning this option can save you both time and money.
You may be able to restructure your current FHA home loan. You could change your rate from an Adjustable Rate Mortgage (ARM) to a low Fixed Rate Mortgage ensuring a secure and consistent monthly payment for the life of your mortgage. You also may be able to reduce the term of your current mortgage, meaning you will not only save thousands of dollars over the life of your loan, but also you will pay off your mortgage even faster.
FHA must back your original mortgage
Current on mortgage payment.
The process will lower your monthly payments
Investment properties can also be refinanced through an FHA streamline but do require an appraisal prior to closing.
Some FHA lenders like Point Mortgage offer No-cost refinance options for FHA streamline mortgage loans. No-cost refinancing is achieved by choosing a slightly higher interest rate to obtain enough lender credits to cover the costs. This is a great way to refinance without using a lot of your available cash.
Discuss your FHA streamline refinance options with a professional at Point Mortgage. It could be your first step towards lowering your monthly home loan payment and saving thousands of dollars every year.
These materials are not from HUD or FHA and were not approved by HUD or a government agency. The Sender is not in any way affiliated with any organization listed or referenced within this website, including HUD/FHA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners. For information directly from HUD/FHA, visit http://www.hud.gov/hudclips
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